You generally can't drop the minimum multiplier for idle states, but I've yet to find an AMD chip that won't let you lock the highest multiplier setting as low as 800MHz (be that x4 or x8, depending on platform), which is the default idle clock. I've currently got an A6-3500 locked to 1.5GHz max and undervolted to run as a web server (really must get round to finishing my mates website now ).
If you're running with C'n'Q then actually undervolting *does* make a difference to idle, because you can enable C'n'Q and it'll reduce the voltage at idle by the default offset: my Sempy used to run at 0.75v at idle, and it saved around 10W. And even with sections gated you still get leakage and you still have active parts to the CPU, which undervolting will (well, should) still reduce. I've yet to hit any obvious problems, anyway, with either my old sempy* or the new server.
* actually, that's not quite true - I did get a little instability on my Sempy, but only when I had it both unlocked to an Athlon X2 *and* undervolted. Which isn't that surprising